Financing rooftop solar energy in Ghana and Ivory Coast
responsAbility-led energy fund participates in USD 13.5 m multi-currency syndicated loan to PEG Africa
Zurich, 30 November 2017 — A responsAbility-managed energy fund focusing on facilitating energy access participates in a large multi-currency syndicated loan to provide scalable financing to West African solar company PEG Africa. The USD 13.5 m in funding, provided through a combination of debt and Series B equity financing, will be used to accelerate growth in Ghana and Ivory Coast where PEG Africa targets to reach 500,000 people.
PEG provides asset-based financing for solar assets to consumers who lack both access to reliable electricity and formal banking services. Using pay-as-you-go technology, the company offers loans for solar home systems and other useful assets to off-grid households. The latest round takes PEG’s total funding to over USD 21 million.
“With this funding, PEG Africa will be able to reach a major milestone of extending energy and financing to half a million people. We are excited that we can now accelerate our growth plans in key West African markets,” said Hugh Whalan, CEO of PEG Africa.
Speaking on behalf of responsAbility, Stefan Issler, Head Direct Investments, Energy Debt Financing, explained: “PEG fulfills an important role in bringing energy to underserved sections of the African population. By teaming up with other financing providers in the energy access field we can fund the further expansion of this long-standing partner.”
responsAbility Investments AG
Ulli Janett, Media Relations
+41 44 403 06 33
ulli.janett [at] responsAbility.com
Hugh Whalan, CEO
+1 315 283 5322
hwhalan [at] pegafrica.com
About PEG Africa (www.pegafrica.com)
PEG Africa is the leading company in West Africa providing asset-based financing for solar and other useful assets to consumers who lack both access to reliable electricity and formal banking services. PEG’s anchor product, a basic solar home system that includes three lights, a phone charger, and a radio, allows consumers living on USD 5-10 per day to access clean light for working and studying after hours, avoid harmful air pollution from kerosene based lighting solutions, and also build credit for additional products and services over time. PEG has 300 full time staff, and reaches close to 200,000 people at present.
About responsAbility Investments AG (responsAbility.com)
responsAbility Investments AG is a leading asset manager in the field of development investments that offers professionally managed investment solutions to private, institutional and public investors. The company supplies debt and equity financing to firms in emerging economies and developing countries.
responsAbility currently has USD 3.3 billion of assets under management invested in over 550 companies in 97 countries. Founded in 2003, the company is headquartered in Zurich and has local offices in Bangkok, Hong Kong, Lima, Luxembourg, Mumbai, Nairobi, Oslo and Paris. Its shareholders include a number of reputable institutions in the Swiss financial market and its own employees. responsAbility is regulated by the Swiss Financial Market Supervisory Authority FINMA.